3 Things Can Teach us About Platinum price
I’m not surprised at all continued decline in the price of platinum
I warned and I reported here on the blog for a long time on the expected move:
http://www.daytrade-profit.com/2015/03/platinum-price-struggling-near-support.html
Now let’s talk what we got and what we should expect from the metal
Let’s start some fundamentals:
Holdings in the ETFs investors cut holdings in exchange-traded funds backed by platinum for a record 13th day, with tumbling prices of the precious metal also driving shares of Lonmin Plc, the third-biggest producer, to an all-time low
Large mining companies are facing liquidity problems and some of them are facing bankruptcy due to low prices, and inability to earn at prices that were created.
Sale prices of nearby mining sale on the open market, which leaves almost no margin for companies, Sight You can see Lonmin – reported an annual loss of $2.2bn, Lonmin shares fell by as much as 45 percent yesterday
Technical view update:
negative momentum to achieve lower prices Expected trading range price will go down to see the lower bands at 630 area, but we need to see what will happen cause we can get the bounce from those levels1080-1000 look closely
Major resistance level stays at 1040 while near resistance stays at 908 area
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